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Litebulb Group Ltd to Acquire Bluwstuff Limited


Monday, 28 Jan 2013 02:48am EST 

LiteBulb Group Ltd announced that it has entered into a sale and purchase agreement with the sellers of Bluwstuff Limited (Bluwstuff). The sellers of Bluwstuff Limited are: Carlos Investments SA, Brit Investments SA, Michael Aldridge, Charles Rudge, Spencer Holdings Limited, Brian Turner, Sir Rodney Aldridge, Parkdale Holdings Limited, Eldon Holdings Limited, Georgia Aldridge, Alan Rudge, ECF & M Limited and David Sayer. The agreement is conditional upon shareholder approval for the issue of the Consideration Shares, such condition to be satisfied by no later than February 22, 2013. The Company has agreed to issue up to 375,000,000 Consideration Shares (representing 27.69% of the enlarged issued share capital), with 250,000,000 of the Consideration Shares issued on completion and a further 125,000,000 of the Consideration Shares, subject to earn out arrangements based on certain sales and EBITDA targets. The acquisition is expected to provide a number of benefits to the enlarged group, such as creating a group with significantly higher turnover; rapidly enhancing LiteBulb Group's position as a provider of niche consumer brands and products; significantly expanding LiteBulb Group's geographical presence and further drive global sales expansion through Bluwstuff's established presence in Hong Kong; providing a multitude of cross-selling opportunities within LiteBulb Group's existing client base and the additional customer relationships established by Bluwstuff; among others. 

Company Quote

0.955
0.0 +0.00%
18 Dec 2014